FRONT MATTER.PMD - International Seabed Authority

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Convention: art. 165
AGREEMENT, ANNEX, SECTION 9
SECTION 9. THE FINANCE COMMITTEE
1. There is hereby established a Finance Committee. The Committee shall
be composed of 15 members with appropriate qualifications relevant to financial
matters. States Parties shall nominate candidates of the highest standards of competence
and integrity.
2. No two members of the Finance Committee shall be nationals of the
same State Party.
3. Members of the Finance Committee shall be elected by the Assembly
and due account shall be taken of the need for equitable geographical distribution
and the representation of special interests. Each group of States referred to in
section 3, paragraph 15 (a), (b), (c) and (d), of this Annex shall be represented on
the Committee by at least one member. Until the Authority has sufficient funds
other than assessed contributions to meet its administrative expenses, the membership
of the Committee shall include representatives of the five largest financial
contributors to the administrative budget of the Authority. Thereafter, the election
of one member from each group shall be on the basis of nomination by the
members of the respective group, without prejudice to the possibility of further
members being elected from each group.
4. Members of the Finance Committee shall hold office for a term of five
years. They shall be eligible for re-election for a further term.
5. In the event of the death, incapacity or resignation of a member of the
Finance Committee prior to the expiration of the term of office, the Assembly
shall elect for the remainder of the term a member from the same geographical
region or group of States.
6. Members of the Finance Committee shall have no financial interest in
any activity relating to matters upon which the Committee has the responsibility
to make recommendations. They shall not disclose, even after the termination of
their functions, any confidential information coming to their knowledge by reason
of their duties for the Authority.
7. Decisions by the Assembly and the Council on the following issues shall
take into account recommendations of the Finance Committee:
(a)
Draft financial rules, regulations and procedures of the organs of the
Authority and the financial management and internal financial administration
of the Authority;
(b) Assessment of contributions of members to the administrative budget of
the Authority in accordance with article 160, paragraph 2 (e), of the
Convention;
(c)
All relevant financial matters, including the proposed annual budget prepared
by the Secretary-General of the Authority in accordance with article
172 of the Convention and the financial aspects of the implementation
of the programmes of work of the Secretariat;